New York Small Businesses Are Struggling to Get Loans More Than Other States

Only 17% of New York small businesses surveyed qualified for a loan in Q2 2016, compared to 36% nationally.

Yet, 66% of New York small businesses are reporting a need for financing due to planned growth (7% above the national average).

As a result of this discrepancy, 50% of New York small business owners relied on a personal loan, and 64% relied on a personal credit card to fund their business. In addition, 73% relied on a business credit card.